Farmington, AR Cost Of Living

Farmington cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Farmington	Arkansas	National
Cost of living index	93	84	100
Index	Farmington	Arkansas	National
Goods & Services index	98	92	100
Groceries index	93	91	100
Health care index	88	88	100
Housing index	90	65	100
Transportation index	85	87	100
Utilities index	95	97	100

Here we can see a simple outline of the cost of living in Farmington, AR. As you can see, with the average cost of living in Farmington, AR being 93, that puts it 11% higher than the average of Arkansas and 7% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Farmington, AR, the price of goods and services are 7% higher than the average of Arkansas as well as 2% lower than the nation's average.

Did you know?

The cost of living in Farmington is 11% higher than the Arkansas average.
The cost of living in Farmington is 7% lower than the national average.
The cost of housing in Farmington is 10% lower than the national average.
Arkansas general sales tax is 28% higher than the national average.
Arkansas state income tax is 60% lower than the national average.

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Farmington, AR to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Farmington, AR, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Farmington, AR salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$66,563	$5,547	$1,553	$1,997
Renters	$36,641	$3,053	$855	$1,099

If you want to find a good determining factor for the cost of living and the general affordability of housing in Farmington, AR, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Farmington, AR, the median monthly income is $66,563 for those who own their own homes. Under the standard rule, that income level would allow for $1,553 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $36,641, per the median income in the area. That would allow for renters to spend up to $855 on monthly rental expenses.

Arkansas Sales Tax

State	General Sales Tax	With Max Surtax
Arkansas	6.5%	11.625%

Arkansas Income Tax

State	Income Tax (Low)	Income Tax (High)
Arkansas	0.9%	6.9%

When considering the overall cost of living expenses in Farmington, AR, it's important to take into account the sales tax for Arkansas, as well as the rate for income tax in Arkansas. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Arkansas is 11.625%, and the sales tax in the state of Arkansas is 6.5%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Arkansas starts from 0.9% and goes up to 6.9%.

Goods & Services

Item	Farmington	National avg.	Difference
Haircut	$15.94	$16.09	0.9%
Beauty Salon	$24.78	$37.33	33.6%
Toothpaste	$2.45	$2.45	0.0%
Shampoo	$0.99	$1.00	0.7%
Movie	$9.89	$10.28	3.8%
Bowling	$6.50	$4.93	31.8%

Groceries

Item	Farmington	National avg.	Difference
Ground Beef	$3.36	$3.80	11.7%
Fried Chicken	$1.41	$1.40	1.2%
Milk	$1.91	$2.01	5.0%
Potatoes	$3.41	$3.01	13.1%
Pizza	$10.39	$9.89	5.1%
Beer	$8.62	$8.90	3.1%

Health Care

Item	Farmington	National avg.	Difference
Optometrist	$85.33	$102.16	16.5%
Doctor	$91.83	$108.36	15.3%
Dentist	$78.83	$92.53	14.8%
Ibuprofen	$7.97	$9.28	14.1%
Lipitor	$432.03	$425.82	1.5%

Housing

Item	Farmington	National avg.	Difference
Home Price	$164,400.00	$184,700.00	11.0%
Avg. Mortgage Payment	$952.30	$1,202.44	20.8%
Apartment Rent	$864.00	$949.00	9.0%

Transportation

Item	Farmington	National avg.	Difference
Gasoline	$1.99	$2.24	11.2%
Tire Balancing	$36.00	$46.29	22.2%

Utilities

Item	Farmington	National avg.	Difference
All Electricity	$135.92	$165.96	18.1%
Phone	$31.66	$28.68	10.4%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Lincoln, AR	2,122	83	-17%
West Fork, AR	2,491	86	-14%
Prairie Grove, AR	4,997	88	-12%
Elkins, AR	2,867	88	-12%
Springdale, AR	76,188	89	-11%
Farmington, AR	6,470	93	-7%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Pocahontas, AR	6,470	76	-24%
Rockaway, NJ	6,472	128	28%
Prospect Park, PA	6,467	108	8%
Corry, PA	6,467	85	-15%
Hobart, WA	6,474	147	47%
Farmington, AR	6,470	93	-7%

Source: The Farmington, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Farmington, AR Cost of Living